Should You Buy The Dip In Boeing Today?

CNBC's Jim Lebenthal said he bought more Boeing Co BA Wednesday on CNBC's "Fast Money: Halftime Report."

What Happened: Boeing reported quarterly losses of $1.53 per share, missing estimates of a loss of $1.16 per share, and revenue of $15.22 billion beating estimates of $15.02 billion. 

"I am proud of the progress our global team made across our business in the first quarter as we continued to transform our enterprise, strengthen our safety processes, and sustain critical investments for our future," Boeing President and CEO Dave Calhoun said in a press release.

Related Link: So What's Up With Boeing Today?

The reason the stock sold off on the report was because of the lack of clarity on meeting Boeing 737 delivery expectations for 2021, Lebenthal said.  The question is how fast the plane manufacturer is going to recover, not if the recovery will occur. 

"I'm not worried about the pace of [the recovery] being a month or two longer than what the street expected. The recovery is on track," Lebenthal said.

Lebenthal expects the stock to be above $300 per share in 2022.

Price Action: Boeing was down 2.68% at $235.97 at last check Wednesday. 

Photo courtesy of Boeing